AstraZeneca, pharma stocks climb

Biogen's stock posts modest gains after drug approval

By

TedGriffith

NEW YORK (CBS.MW) -- Pharmaceutical stocks enjoyed an upswing Friday, with shares of AstraZeneca getting a boost from an analyst's upgrade.

The Amex Pharmaceutical Index
$DRG
increased 2.5 percent. The gains weren't enough, though, to make the first month of the year positive -- the pharmaceutical index ended January with a loss of just under 1 percent.

AstraZeneca's shares had jumped Thursday after Europe's No. 2 drugmaker reported better-than-expected fourth-quarter profit and affirmed that it expects to win approval later this year for its much-anticipated cholesterol medication. See full story.

Elsewhere, shares of Merck & Co.
MRK, -0.25%
gained 88 cents to $55.39. The stock, a component of the Dow Jones Industrial Average, was up 4 percent for the week. Merck on Tuesday forecast 2003 profit could rise by as much as 11 percent. See full story.

On Friday, The Wall Street Journal reported that federal and state officials in Louisiana are looking into possible Medicaid pricing violations by Merck. The inquiry stems from a lawsuit filed several years ago by a New Orleans doctor.

Merck spokesman Chris Loder said the suit is "without merit" and added, "Merck believes the pricing of its products is in full compliance with state and federal laws and regulations."

In the biotechnology sector, shares of Biogen
BGEN
edged up 26 cents to $38.25.

Biogen said before the bell that it won marketing clearance for its much-anticipated psoriasis therapy, Amevive. The drug will be Biogen's second marketed product. See full story.

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